VirtualScopics posts bigger loss, stronger sales in Q4

VirtualScopics Inc. reported a net loss of more than $1 million in the fourth quarter, compared with a loss available to common stockholders of $814,892 for the fourth quarter 2012.

Revenues for the quarter were $2.7 million, up 4 percent from $2.6 million a year earlier. The company posted diluted earnings per share of 35 cents, compared with a loss per share of 27 cents in the fourth quarter 2012.

The company exceeded its expectations for full-year revenues, which totaled more than $11.1 million, down from nearly $12.9 million in 2012. Low bookings in 2012 will continue to affect the company in 2014, officials said. The company posted a loss for 2013 of $2.9 million, or 98 cents a share, compared with $3.5 million, or $1.17 a share, in 2012.

VirtualScopics stock (Nasdaq: VSCP) was trading at $4.05 a share Monday, up 1 percent from Friday’s close of $4. The company released its results after the market closed Friday.

The imaging company’s bookings and awards more than doubled for the year, exceeding $20 million.

“Our efforts to strengthen our customer relationships while leveraging our core technology and capabilities have resulted in an over twofold increase in 2013 bookings as compared to 2012,” said Eric Converse, interim CEO, in a statement.

The company is off to a strong start in 2014 as bookings and awards are ahead of last year’s pace with VirtualScopics receiving its first program award from a large pharmaceutical customer, he said.

“We see this momentum continuing into 2014,” Converse said.

As of Dec. 31, the company had more than $7.3 million in cash, down from $8.5 million a year earlier.

“Our cash position remains strong providing the flexibility to further develop internal capabilities while continuing to improve operational quality, productivity, and profitability,” Converse said. “Though 2014 revenue will be impacted by the remnants of lower than average bookings from 2012, we are encouraged by our recent momentum and expect this positive trajectory to continue.”

In October the company hired Korn/Ferry International to find the firm’s next CEO after Jeffrey Markin’s resignation from the post. Converse joined the board in August and began as interim CEO on Oct. 25.